Former CFTC chairman Gary Gensler, whom President Joe Biden nominated to head the Securities and Exchange Commission (SEC), said on Tuesday that cryptocurrencies are “a catalyst for change.”

Gensler responded to a question about what Congress and the SEC can do to create a “more forward-thinking” business environment for the crypto space. Gensler’s confirmation hearing before the US Senate is taking place at the time of this report. Citing his time as a teacher at the Massachusetts Institute of Technology, Gensler said:

“As I taught at MIT on these topics, I think these innovations are a catalyst for change. Bitcoin and cryptocurrencies brought new thinking to payments and financial inclusion, but they also raised new investor protection issues… If approved at the SEC, I will work with the commissioners to both encourage innovation and fundamentally ensure investor protection. ”

Gensler’s nomination has highlighted an interactive but skeptical voice on the digital asset front. Gensler previously explained how cryptocurrencies highlighted weaknesses in the US payment infrastructure.

Gensler was formally nominated in mid-January after serving as an advisor to the Biden presidential campaign.


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